Fanduekisses
  • Fanduekisses
Calculating Compound Interest HELP pls. *Will Smith face from pursuit of happiness*
Mathematics
  • Stacey Warren - Expert brainly.com
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SOLVED
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chestercat
  • chestercat
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Fanduekisses
  • Fanduekisses
On the day of a child's birth, a parent deposits $30,000 in a trust fund that pays 5% interest, compounded continuously. Determine the balance in this account on the child’s 25th birthday.
Fanduekisses
  • Fanduekisses
I have to use the \[P(1+\frac{ 1 }{ n })^{nt}\] ?
Fanduekisses
  • Fanduekisses
But what is n??

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ShadowLegendX
  • ShadowLegendX
Idk how to do this, sorry @dan815 Smart boi
anonymous
  • anonymous
I think you mixed up formulas. Compound interest formula for periodic compoundings (n = times interest is compounded annually) \[A=P \left( 1+\frac{ r }{ n } \right)^{nt}\] Continuously compounding interest \[A=Pe^{rt}\]
anonymous
  • anonymous
you want to use the second one \[A=30000e^{(0.25\times25)}\]

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